Saturday, May 11, 2013

The Car Insurance : The Euro rode a strong industrial data supported Germany

New York (The Car Insurance)-the exchange rate of the euro higher against the dollar and the yen on Wednesday (Thursday morning GMT), after the industrial production report for Germany for March is surprisingly strong.

The Euro bought 1,3156 dollars on Wednesday 21.00 GMT (04.00 GMT Thursday), up from 1,3074 dollars on Tuesday afternoon, the AFP report.

The Euro traded at 130,25 yen, up from 129,47 yen the day before.

Dollar was slightly higher against the yen, it traded at 99,01 yen compared with 98,99 yen.

The market was encouraged by positive economic indicators Germany for the second day in a row. On Tuesday, data showed Germany's industrial orders rose unexpectedly in March.

On Wednesday, data showed that industrial production in Germany rose 1.2 percent in March, well above the 0.2 percent decline expected by analysts.

The result was "devastating", according to the forecast of the market Business Solutions Western Union.

"This caused traders flocked back to the euro during the session, as traders in London began to limit the decline in interest rates is likely thinking that has trailed the euro since the meeting of the European Central Bank (ECB) last week."

The Euro strengthened further amid news that Portugal managed to return to long-term debt market for the first time since acquiring the bailouts two years ago. Portugal brought together three billion euros in interest rates and interest 5,669 percent purchased more than 10 billion euros.

Meanwhile, the u.s. economic calendar has left investors with little new news the dollar against other currencies.

"Looking ahead, further signs that the u.s. economy grew at a better speed than expected will continue to support the dollar," said Omer Esiner, Chief market analyst at Commonwealth Foreign Exchange.

"But in the short term, the lack of data or news to trade the greenback could maintain a little lower."

United Kingdom Pound traded at 1,5536 dollars, up from 1,5482 dollars on Tuesday afternoon.

The dollar was trading at 0,9352 francs, down from Switzerland 0,940 francs. (A026)

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Title Post: The Car Insurance : The Euro rode a strong industrial data supported Germany
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Author: Mohammad Zulfi Satriawan

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